After a long dispute with the Packers’ management, Favre was reinstated by the NFL and was pursued in trade discussions with the Jets and Tampa Bay Buccaneers. The Jets were much more aggressive than the Buccaneers in their pursuit of Favre all along, offering a conditional fourth-round draft choice in the 2009 NFL Draft which could be promoted to a first-round selection based on performance criteria.

“Brett has had a long and storied career in Green Bay, and the Packers owe him a tremendous debt of gratitude for everything he accomplished,” the Packers said in a press release. Jets general manager Mike Tannenbaum said of the trade, “We just felt like this was an opportunity to go get somebody of Brett’s stature and what he’s accomplished.”

The trade caps a roller-coaster off-season ride for Favre and the franchise that became synonymous with his legendary No. 4 jersey, which was planned to be retired in the Packers’ home opening game. Favre’s on-again, off-again retirement has monopolized headlines for the past two months as news began trickling to the media that the legendary passer was second-guessing both his retirement decision and his status in Green Bay. Favre was offered a $20 million dollar marketing contract from the Packers to remain retired.

Now, the Jets may have to clear cap space in order to have Favre on their roster — who is due to make $12 million this season — which may call for the release of Chad Pennington. A comment from Jets GM Tannenbaum all but confirmed the release of Pennington. “It’s a bittersweet moment for us. I have all the respect in the world for Chad as a person, as a player,” Tannenbaum said, adding that an announcement on a transaction involving Pennington will come later Thursday.

The Packer’s official website states that they will be holding press conferences at noon and 2:00 p.m. CDT and more information will be released then.